Gameplay Galaxy raises $24M to build Web3 competitive ecosystem

Gameplay Galaxy announced today that it has raised $24 million in total for its seed round of funding, following a successful extension adding $11 million more to the round. Blockchain Capital and Merit Circle led the round. According to Gameplay Galaxy’s founders, it plans to use the funds to accelerate development on Trial Xtreme Freedom, its latest extreme sports title.

According to Gameplay Galaxy, it plans to use its new funding to build out its competitive Web3 esports ecosystem and facilitate broader adoption of Web3 by using “new player centric digital ownership utilization models.” These include track ownership in Trial Xtreme Freedom, which allows players to run their own events and tournaments, as well as bike ownership and token earning.

Doron Kagan, Gameplay Galaxy CEO, said in a statement, “We believe that Web3 represents the natural evolution of the Free-to-Play model, paving the way for the most significant transition in gaming history … . We’re excited to be at the forefront of this revolution, driving innovation and creating value for our players and stakeholders.”

Transitioning to Web3

GamesBeat asked Kagan and COO Maya Gurevich about the transition to Web3, and they told us in an email, “Web3 isn’t just about changing the gaming landscape — it’s about redefining ownership and participation in the digital world. In traditional corporate structures, companies control the assets, and the goal is often to maximize player spending and engagement for profit. However, Web3 introduces a decentralized model where players actively participate in the ecosystem, influencing decisions and sharing in the value they help create.

Kagan and Gurevich added, regarding their plans for the future, “The way we see it, Web3 isn’t just a separate, standalone concept — it’s an exciting evolution that enhances traditional Web2 games with powerful new features. By focusing on a seamlessly gamified onboarding experience and integrating elements like digital ownership and decentralized economies into familiar gaming settings, we create a more immersive and engaging environment. This approach not only ensures a smooth transition for users but also drives superior KPIs compared to traditional games.”

Bart Stephens, GM at Blockchain Capital, added in a statement, “We have witnessed numerous VCs pour hundreds of millions into Web3 games, and we have not been interested — until we met the Trial Xtreme team. We believe that Doron, Maya, and their dedicated team, with over 300 million downloads under their belt and a deep understanding of blockchain, have the expertise to create the first Web3 game to achieve widespread mainstream success.”